Budget 2016 Changes in Time limit for carry forward & set off of loss The existing provisions of section 73A of the Act provide that any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified […]
Tag Archives: Budget
Budget 2016-Amendment in TDS Rates & Threshold limit Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. […]
Budget 2016 – CHANGES FOR SERVICE TAX IN FINANCE BILL,2016 Our Honorable Indian Finance Minister announced the budget for the year 2016 – 17 in the Parliament and also introduced Finance Bill, 2016. Chapter V of the Finance Bill, 2016 deals with changes to be brought in service tax provisions. The changes may be by […]
Budget 2016 – highlights for Direct taxes 1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of rebate […]
Budget 2016 – Major changes in Direct Tax Law 1. Rates of income-tax- Surcharge @12% if Income exceeds 1 Crore with marginal relief. 2. Dividend Tax- any income by way of dividend in excess of Rs.10 lakh shall be chargeable to tax in the case of an individual, Hindu undivided family (HUF) or a firm […]